DDM Analysis: 053800.KQ

Valuation Snapshot

Stable Growth	$176,083.08 - $906,461.05	$358,521.02
Multi-Stage	$97,580.82 - $106,722.80	$102,068.29
Blended Fair Value	$230,294.65
Current Price	$68,300.00
Upside	237.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.63%	20.61%	1,178.99	997.61	997.61	816.23	816.23	816.23	725.53	634.84	453.46	272.03
YoY Growth	-	-	18.18%	0.00%	22.22%	0.00%	0.00%	12.50%	14.29%	40.00%	66.70%	50.35%
Dividend Yield	-	-	1.58%	1.45%	1.61%	0.66%	1.25%	1.43%	1.37%	0.74%	0.31%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,652.57
(-) Cash Dividends Paid (M)	12,440.02
(=) Cash Retained (M)	31,212.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,730.51	5,456.57	3,273.94
Cash Retained (M)	31,212.55	31,212.55	31,212.55
(-) Cash Required (M)	-8,730.51	-5,456.57	-3,273.94
(=) Excess Retained (M)	22,482.03	25,755.97	27,938.60
(/) Shares Outstanding (M)	9.58	9.58	9.58
(=) Excess Retained per Share	2,347.44	2,689.29	2,917.18
LTM Dividend per Share	1,298.91	1,298.91	1,298.91
(+) Excess Retained per Share	2,347.44	2,689.29	2,917.18
(=) Adjusted Dividend	3,646.35	3,988.20	4,216.10
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$176,083.08	$358,521.02	$906,461.05
Upside / Downside	157.81%	424.92%	1,227.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,652.57	46,489.98	49,511.83	52,730.10	56,157.56	59,807.80	61,602.03
Payout Ratio	28.50%	40.80%	53.10%	65.40%	77.70%	90.00%	92.50%
Projected Dividends (M)	12,440.02	18,967.09	26,290.13	34,485.02	43,634.17	53,827.02	56,981.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17,448.16	17,613.54	17,778.93
Year 2 PV (M)	22,247.97	22,671.73	23,099.49
Year 3 PV (M)	26,845.84	27,616.48	28,401.74
Year 4 PV (M)	31,247.98	32,449.69	33,685.73
Year 5 PV (M)	35,460.46	37,173.21	38,951.52
PV of Terminal Value (M)	801,305.51	840,008.86	880,193.49
Equity Value (M)	934,555.91	977,533.53	1,022,110.90
Shares Outstanding (M)	9.58	9.58	9.58
Fair Value	$97,580.82	$102,068.29	$106,722.80
Upside / Downside	42.87%	49.44%	56.26%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
HBCP	Home Bancorp, Inc.	1.92%	$1.10	19.54%
SLM	SLM Corporation	1.92%	$0.53	17.47%
UVE	Universal Insurance Holdings, Inc.	1.92%	$0.61	14.30%
WAL	Western Alliance Bancorporation	1.92%	$1.64	20.05%
0JZ1.L	Masco Corporation	1.91%	$1.23	31.44%
0L8B.L	Southern Copper Corporation	1.91%	$2.80	60.30%
BKR	Baker Hughes Company	1.91%	$0.90	30.82%
BPAC	Bullpen Parlay Acquisition Company	1.91%	$0.20	36.09%
ELV	Elevance Health Inc.	1.91%	$6.75	27.56%
NGVC	Natural Grocers by Vitamin Cottage, Inc.	1.91%	$0.47	23.70%
SYBT	Stock Yards Bancorp, Inc.	1.91%	$1.25	27.22%
0JVQ.L	Lowe's Companies, Inc.	1.90%	$4.67	38.55%
ATERX	AB Sustainable Global Thematic Fund Class R	1.90%	$2.84	36.57%
BLL	Ball Corporation	1.90%	$1.32	9.47%
EAI	Entergy Arkansas, Inc. 1M BD 4.875%66	1.90%	$0.40	9.71%
MMC	Marsh & McLennan Companies, Inc.	1.90%	$3.47	41.48%
THO	Thor Industries, Inc.	1.90%	$2.00	37.63%
TRGP	Targa Resources Corp.	1.90%	$3.55	46.50%
TTC	The Toro Company	1.90%	$1.52	45.26%
0K8M.L	Norfolk Southern Corporation	1.89%	$5.42	41.12%
FDX	FedEx Corporation	1.89%	$5.54	32.63%
ALL	The Allstate Corporation	1.87%	$3.81	12.13%
BERY	Berry Global Group, Inc.	1.87%	$1.26	24.23%
NHC	National HealthCare Corporation	1.87%	$2.44	37.72%
PRDO	Perdoceo Education Corporation	1.87%	$0.54	23.03%
ABT	Abbott Laboratories	1.86%	$2.31	28.93%
TNET	TriNet Group, Inc.	1.86%	$1.06	38.35%
BTMD	biote Corp.	1.85%	$0.05	5.82%
WDFC	WD-40 Company	1.85%	$3.65	54.36%
AMTB	Amerant Bancorp Inc.	1.84%	$0.36	22.80%
BNH	Brookfield Finance Inc. 4.625%	1.84%	$0.30	70.51%
MGRC	McGrath RentCorp	1.84%	$1.93	32.75%
NATI	National Instruments Corporation	1.84%	$1.10	82.38%
OTIS	Otis Worldwide Corporation	1.84%	$1.63	47.44%
WS	Worthington Steel, Inc.	1.84%	$0.65	26.98%
KBH	KB Home	1.83%	$1.05	13.68%
WRB	W. R. Berkley Corporation	1.83%	$1.27	26.69%
PIPR	Piper Sandler Companies	1.82%	$6.36	47.91%
SFBS	ServisFirst Bancshares, Inc.	1.82%	$1.30	27.90%
YUM	Yum! Brands, Inc.	1.82%	$2.73	54.40%
LVS	Las Vegas Sands Corp.	1.81%	$1.18	51.99%
HNVR	Hanover Bancorp, Inc.	1.80%	$0.41	26.32%
TSCO	Tractor Supply Company	1.79%	$0.91	43.76%
CLI	Mack-Cali Realty Corporation	1.78%	$0.33	21.71%
RRR	Red Rock Resorts, Inc.	1.78%	$1.12	60.48%
SBR	Sabine Royalty Trust	1.78%	$1.25	23.02%
TMUS	T-Mobile US, Inc.	1.78%	$3.55	33.70%
BWFG	Bankwell Financial Group, Inc.	1.77%	$0.80	21.59%
DGX	Quest Diagnostics Incorporated	1.77%	$3.07	35.81%
JPM	JPMorgan Chase & Co.	1.77%	$5.75	27.69%

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AhnLab, Inc. (053800.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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